LDB pens open letter as G7 restrictions begin to come into force

London Diamond Bourse has written a letter to its members and industry colleagues to discuss the implications of the G7 restrictions that come into effect today (1 March 2024).

The letter was published following an emergency meeting held by the council of management of the London Diamond Bourse.

In the letter, David Troostwyk, president of the London Diamond Bourse stated that it has been working closely with both the industry and the government on this matter for several months now, “to comply with sanctions and to support the aims of the G7 restrictions to ensure that the trade can continue uninterrupted”.

However, Troostwyk added: “In the “absence of clarity and guidance from the Revenue prior to the 1 March 2024 launch, to how we might conform with the restrictions upon Russian Origin diamonds, in terms of paperwork and provenance, we are placed in an invidious position, and feel that it is in the best interest of our members and the trade to avoid importing polished loose diamonds of 1ct and above until such time as we have unambiguous guidance.”

In the meantime, London Diamond Bourse will continue to work to find a “practical solution” that will allow its businesses to trade as normal and will inform its members as soon as it has more information.
Troostwyk concluded: “Those importers in the industry who fail to comply with the latest guidance, precise details of which are currently unclear, may find those assets seized by the Revenue upon entry in the United Kingdom.”

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